eng Science and Education Publishing Journal of Finance and Accounting 2333-8857 2022-02-07 10 1 1 6 10.12691/jfa-10-1-1 JFA20221011 article Huseyin Yilmaz hyilmaz64@yahoo.com 1 Department of Accounting and Finance, Faculty of Economics and Administrative Sciences, Bilecik ?eyh Edebali University, Turkey The evolution of the Capital Assets Pricing Model (CAPM) started with the Williams [1] with the formula of ˇ°Premium for Riskˇ±. Then, Hicks [2] and Markowitz [3] gave some opinions about risk premium and the value of an individual financial asset, respectively. Then, Treynor [4] and [5] brought some contributions to the model such as risk premium for equity and present price of a share. Sharp [6] added to the model the expected rate of return and he also transferred the standard deviation from statistics to the CAPM evolution. Linther [7] gave another risk premium approach with a different formula. Mossin [8] continued to improve the CAPM with his contributions of expected rate of return on a unit of a risky asset, return of a unit of a riskless asset, and the risk margin formulas. Black [9] completed the CAPM evolution with his model called ˇ°Sharp Linther Black Modelˇ±. http://pubs.sciepub.com/jfa/10/1/1/jfa-10-1-1.pdf the CAPM risk premium beta standard deviation variance covariance Williams Hicks Markowitz Sharp Linther Mossin Treynor Black